MBN Announces Second Quarter Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- MESSAGE TO SHAREHOLDERS Revenue for Middlefield Middlefield is the name of some places in the United States of America:
MBN Monte Bubbles Network (blog) MbN Murder By Numbers (movie) MBN Must Be Nice MBN Montana Beef Network MBN Multiservice Broadband Network MBN Magic Ball Network ") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :MBN) for the second quarter of 2004 increased by 12% from the prior year comparable period due to an increase in investment income, reflecting the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of gains from MBN's investment portfolio. Revenue generated by the HERO Industries division ("H.E.R.O.") and 2M Energy Corp. ("2M") decreased slightly relative to the prior year period. As a result of the gains from investment activity, net income increased to $0.6 million relative to $0.3 million last year. As of April 30, 2004, MBN's balance sheet remained strong with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.20 per share in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , and no debt outstanding. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results are attached.
FINANCIAL SUMMARY
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Three Months Six Months
For the periods 2004 2003 2004 2003
ended April 30
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Revenue $4,083,000 $3,646,000 $6,700,000 $6,498,000
Net income 632,000 287,000 1,047,000 336,000
Diluted earnings
per share 0.06 0.03 0.11 0.04
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MANAGEMENT'S DISCUSSION AND ANALYSIS Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial April 30, 2004 and 2003 (unaudited) The following discussion and analysis should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the attached unaudited interim consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . Readers should also refer to Management's Discussion and Analysis in MBN's 2003 Annual Report. Management is responsible for the existence of appropriate information systems, procedures and controls to ensure that information used internally and disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). externally is complete and reliable. The board of directors and audit committee have an oversight
Oversight may refer to:
Financial Results MBN generated revenue of approximately $4.1 million for the three month period ending April 30, 2004, representing an increase of 12% from the prior year comparable period. The increase was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to gains generated through investment activities. Over the period, Middlefield continued to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its expertise in the income trust sector by identifying value opportunities in this market as well as potential candidates for conversion into income trusts. During the quarter, we initiated a position in Real Resources Inc., which we identified as an income trust conversion candidate or a potential takeover target Takeover target A company that is the object of a takeover attempt, friendly or hostile. takeover target See target company. by an oil and gas royalty trust royalty trust An ownership interest in certain assets, generally crude oil or gas production and real estate. Unlike the usual corporate organization, a trust arrangement permits income and tax benefits to flow through to the individual owners. which was required to reduce its foreign ownership to comply with restrictions imposed by the federal government. We subsequently sold our position once the stock price appreciated beyond our target range. Additional transactions included the sale of Pengrowth Energy Trust and PBB PBB: see polybrominated biphenyl. Global Logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. Income Fund, at a significant profit. Net realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. from income trust-related investment activity over the quarter amounted to approximately $0.7 million. Sales at H.E.R.O. recovered from the first quarter of this year, but remained slightly below the amount generated in the second quarter last year. The demand for H.E.R.O.'s products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. was weak during the second quarter but was largely offset by demand in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Oil and gas prices remained strong over the quarter, resulting in a modest increase in revenue generated by 2M versus the first quarter. Production rates at 2M, however, have declined relative to last year, resulting in a reduction in revenue on a year-over-year basis. With respect to our exploration program at Wildhay in west central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. , the test well drilled earlier this year is likely to be completed in the Cardium zone and costs associated with this well will be recoverable from gas produced from that formation. "Income before the undernoted", which is comprised of revenue net of cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold , royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. and other operating costs operating costs npl → gastos mpl operacionales , increased 30% in the second quarter of 2004 compared with the same quarter in 2003. This increase results from increased investment income generated over this period. Cost savings have also been realized in the production areas, and in particular, the service area. An appreciation in the US dollar generated foreign exchange gains as compared to foreign exchange losses from the prior year period. MBN posted diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.06 during the second quarter of 2004, up from $0.03 for the second quarter of 2003, and 2004 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. diluted earnings per share of $0.11, up from $0.04 last year. Financial Position MBN's working capital increased $0.8 million over January January: see month. 31, 2004 largely as a result of an increase in receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . Marketable securities reflect the balance of our income trust investment holdings as well as other investments made in the second quarter of 2004. Receivables increased by $1.1 million since January 31, 2004 while inventories decreased $0.2 million, as a result of increased sales over the quarter. Property, plant and equipment remained virtually unchanged in comparison to January 31, 2004. Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. include patent and development costs associated with the H.E.R.O. operations which are being amortized to income. Payables Payables Related: Accounts payable and accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. increased $0.2 million during the second quarter of 2004 primarily as a result of increased H.E.R.O. trade payables. Future site restoration reflects the anticipated future costs of restoring 2M's oil and gas properties. All other assets and liabilities remained largely unchanged from the January 31, 2004 quarter end. Outlook Middlefield's investment program for 2004 leverages our expertise in the income trust sector. MBN has continued to initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. positions in undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. income trusts as well as income trust conversion candidates with the expectation of realizing conversion premiums. MBN is in excellent financial condition and we will continue to work hard to invest our capital wisely while adding value to our current investments. H.E.R.O.'s EC Series Piston Power airless sprayer, which replaces the previous H2K H2K Hope 2000 (hacker convention) piston pump model, is now in distribution and is attracting considerable interest. With the initial success of the EC Series sprayer and a strengthening North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. economy, H.E.R.O. is anticipating continued improvement in its sales throughout the remainder of 2004. Along with its joint venture partners, 2M has committed to participate in a five well program on our Wild River land base. The exploration program will target the Bluesky formation, but will also offer multizone potential. Middlefield Bancorp trades on the TSX under the symbol "MBN". For further information, visit our website at www.middlefield.com or contact the undersigned un·der·signed adj. 1. Having signatures or a signature at the bottom or end. Used of documents. 2. Signed or having signed at the bottom or end of a document: at 416-362-0714: W. Garth garth n. 1. A grassy quadrangle surrounded by cloisters. 2. Archaic A yard, garden, or paddock. [Middle English, enclosed yard, from Old Norse gardhr; see Jestley PresidentJune 25, 2004 This press release contains estimates and forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. Actual future results may differ materially.
MIDDLEFIELD BANCORP LIMITED
CONSOLIDATED BALANCE SHEETS
(All amounts in thousands) April 30 October 31
2004 2003
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(unaudited)
ASSETS
Current assets
Cash and cash equivalents $17,114 $16,370
Marketable securities
(market value: $3,083; 2003 - $3,460) 3,083 3,020
Receivables 2,464 2,710
Inventories 2,391 2,126
Prepaid expenses 237 165
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25,289 24,391
Property, plant and equipment, net 1,375 1,025
Other assets, net 1,226 1,314
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$27,890 $26,730
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LIABILITIES
Current liabilities
Payables and accruals $1,471 $1,531
Income taxes 1,360 1,313
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2,831 2,844
Future income tax 85 -
Future site restoration 375 402
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3,291 3,246
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SHAREHOLDERS' EQUITY
Share capital (note 2) 12,054 11,988
Contributed surplus (note 3) 2 -
Retained earnings 12,543 11,496
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24,599 23,484
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$27,890 $26,730
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The accompanying notes are an integral part of these consolidated
financial statements. It is recommended that readers refer to the
accompanying Management's Discussion and Analysis which provides
additional information regarding these consolidated financial
statements.
MIDDLEFIELD BANCORP LIMITED
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(UNAUDITED)
Three Months Ended Six Months Ended
April 30 April 30
(All amounts in thousands,
except per share amounts) 2004 2003 2004 2003
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REVENUE (NOTE 5)
Manufacturing $3,123 $3,269 $4,762 $5,786
Oil and gas 161 262 315 499
Investment income 799 115 1,623 213
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4,083 3,646 6,700 6,498
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Income before the undernoted 1,149 883 1,965 1,366
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EXPENSES
General and administrative 330 297 597 556
Foreign exchange loss (gain) (107) 99 (112) 161
Interest 3 - 3 -
Depreciation, depletion
and amortization 100 109 186 184
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326 505 674 901
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Income before income taxes 823 378 1,291 465
Income taxes 191 91 244 129
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Net income 632 287 1,047 336
Retained earnings,
beginning of period 11,911 10,792 11,496 10,743
Repurchase of shares - (12) - (12)
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Retained earnings,
end of period $12,543 $11,067 $12,543 $11,067
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Basic earnings per share
(note 4) $0.07 $0.03 $0.12 $0.04
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Diluted earnings per share
(note 4) $0.06 $0.03 $0.11 $0.04
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The accompanying notes are an integral part of these consolidated
financial statements. It is recommended that readers refer to the
accompanying Management's Discussion and Analysis which provides
additional information regarding these consolidated financial
statements.
MIDDLEFIELD BANCORP LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended Six Months Ended
April 30 April 30
(All amounts in thousands)
2004 2003 2004 2003
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OPERATING
Net income $632 $287 $1,047 $336
Items not involving cash:
Loss (gain) on sale of
marketable securities (658) 44 (1,338) 52
Unrealized loss (gain) on
marketable securities 173 (44) 173 -
Depreciation, depletion
and amortization 100 109 186 184
Future income tax expense 71 17 122 13
Stock-based compensation 2 - 2 -
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320 413 192 585
Net change in non-cash operating
working capital (714) (886) (105) (914)
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(394) (473) 87 (329)
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INVESTING
Proceeds from sale of
marketable securities 10,919 78 13,831 82
Purchase of marketable
securities (10,593) - (12,728) -
Increase in development costs (27) (9) (45) (35)
Purchase of property,
plant and equipment (77) (41) (467) (69)
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222 28 591 (22)
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FINANCING
Issue of shares 66 - 66 -
Repurchase of shares - (32) - (33)
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66 (32) 66 (33)
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Net increase (decrease) in cash
and cash equivalents (106) (477) 744 (384)
Cash and cash equivalents,
beginning of period 17,220 19,405 16,370 19,312
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Cash and cash equivalents,
end of period $17,114 $18,928 $17,114 $18,928
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Supplementary disclosure of
cash flow information:
Interest paid $3 $- $3 $-
Income taxes paid 20 108 46 285
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The accompanying notes are an integral part of these consolidated
financial statements. It is recommended that readers refer to the
accompanying Management's Discussion and Analysis which provides
additional information regarding these consolidated financial
statements.
MIDDLEFIELD BANCORP LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2004 AND 2003 (UNAUDITED) 1. SIGNIFICANT ACCOUNTING POLICIES The interim consolidated financial statements of Middlefield Bancorp Limited (the "Company") have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). They follow the same accounting policies and methods of application as the Company's consolidated financial statements for the year ended October October: see month. 31, 2003, except for the change in accounting policy for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of long-lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. assets, as described below. The Company's interim consolidated financial statements do not include all disclosures required by GAAP for annual financial statements and accordingly, should be read in conjunction with the consolidated financial statements for the year ended October 31, 2003 as set out on pages 14 to 25 of the Company's 2003 Annual Report. Impairment of Long-Lived Assets Effective November November: see month. 1, 2003 the Company prospectively adopted the recommendations of CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook
This article is about reference works. For the subnotebook computer, see .
Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. exceeds the total undiscounted cash flows expected from their use and eventual disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of . The amount of the impairment loss is determined as the excess of the carrying value of the asset over its fair value. The adoption of these recommendations had no impact on the results of operations for the current period. 2. SHARE CAPITAL Share capital increased during 2004 as a result of proceeds received on the exercise of stock options. As at June June: see month. 24, 2004 the Company had 8,976,828 common shares issued and outstanding and stock options outstanding for 836,020 common shares, 826,020 of which were fully vested vested adj. referring to having an absolute right or title, when previously the holder of the right or title only had an expectation. Examples: after 20 years of employment Larry Loyal's pension rights are now vested. (See: vest, vested remainder) . 3. STOCK-BASED COMPENSATION (All amounts in thousands, except per option amounts) Stock-based compensation expense of $2 (2003 - nil) is recorded in the Consolidated Statements of Income and Retained Earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. as a reduction of "Income Before the Undernoted" for all options granted on or after November 1, 2002, with a corresponding credit recorded as Contributed Surplus. Compensation expense for options granted on or after November 1, 2002 is based on the estimated fair values at the time of the grant and the expense is recognized over the vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: period of the option. The Company granted 10,000 stock options during 2004 (2003 - nil). The fair value of stock options has been determined using the Black-Scholes Option Pricing Model option pricing model A mathematical formula for determining the price at which an option should trade. The model expresses the value of an option as a function of the value of the underlying asset, length of time until maturity, exercise price, yields on under the following assumptions:
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Weighted average fair value per option $0.98
Risk-free interest rate 4.82%
Expected life 10 years
Expected volatility 25%
Expected dividends $-
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4. EARNINGS PER SHARE
(All amounts in thousands, except
per share amounts)
Three Months Ended Six Months Ended
April 30 April 30
2004 2003 2004 2003
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Net Income $632 $287 $1,047 $336
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Weighted average common shares
outstanding for basic earnings
per share 8,961 8,941 8,944 8,941
Add: Dilutive effect of stock
options outstanding 285 311 290 321
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Weighted average common shares
outstanding for diluted
earnings per share 9,246 9,252 9,234 9,262
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Basic earnings per share $0.07 $0.03 $0.12 $0.04
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Diluted earnings per share $0.06 $0.03 $0.11 $0.04
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5. SEGMENTED INFORMATION (All amounts in thousands) The Company's reporting structure was expanded, in the first quarter of 2004, from two industry segments, "Manufacturing" and "Oil and Gas" to three, with the addition of "Investments and Other". Included in Investments and Other are investing activities which were reported in previous periods as part of the Manufacturing and Oil and Gas segments. As a result, prior period segmented information has been restated to conform with the presentation used in the current period.
(a) Industry Segments
Six Months Ended April 30, 2004
Investments
Manufacturing Oil and Gas and Other Total
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Revenue $4,762 $315 $- $5,077
Gain on sale of
marketable securities - - 1,338 1,338
Interest revenue - - 155 155
Other revenue 30 - 100 130
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Total revenue $4,792 $315 $1,593 $6,700
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Income before
the undernoted $476 $118 $1,371 $1,965
General and
administrative expense (316) (34) (247) (597)
Foreign exchange gain 85 27 - 112
Interest expense - - (3) (3)
Depreciation, depletion
and amortization (136) (50) - (186)
Income tax expense (19) (16) (209) (244)
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Net income $90 $45 $912 $1,047
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Total assets $6,948 $980 $19,962 $27,890
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Six Months Ended April 30, 2003
Investments
Manufacturing Oil and Gas and Other Total
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Revenue $5,786 $499 $- $6,285
Interest revenue 13 - 200 213
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Total revenue $5,799 $499 $200 $6,498
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Income before
the undernoted $1,000 $273 $93 $1,366
General and
administrative expense (468) (64) (24) (556)
Foreign exchange loss (160) - (1) (161)
Depreciation, depletion
and amortization (144) (40) - (184)
Income tax expense (88) (30) (11) (129)
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Net income $140 $139 $57 $336
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Total assets $7,566 $396 $18,386 $26,348
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(b) Geographic Segments
Three Months Ended Six Months Ended
April 30 April 30
Revenue 2004 2003 2004 2003
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United States
of America $1,467 $1,681 $2,397 $3,162
Other foreign countries 706 734 1,050 1,354
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Total foreign 2,173 2,415 3,447 4,516
Canada 1,910 1,231 3,253 1,982
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Total revenue $4,083 $3,646 $6,700 $6,498
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6. RECLASSIFICATIONS Certain prior year balances have been reclassified to conform with the current period presentation. On April 30, 2004 MBN received approval from the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. to renew its normal course issuer bid (the "Bid"). The notice of intention (the "Notice") provides for the renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. Bid to commence on May 4, 2004 and enables the Company to purchase up to 5% of the common shares outstanding, during the next 12 month period. MBN believes that the current market price does not reflect the underlying value of its common shares. Shareholders may obtain a copy of the Notice, without charge, by contacting the Company. CORPORATE INFORMATION Middlefield Bancorp Limited is a Canadian merchant bank managed by Middlefield Group. The Company's principal objective is to create long term shareholder value through a twofold strategy of strategic investing in businesses with strong management and exceptional prospects for longer term earnings growth and special situation investing where there is excellent potential for significant capital appreciation. Our aim is to produce a steady stream of growing earnings from strategic investments supplemented by earnings from special situation activities. MBN's board of directors and management include experienced and successful individuals who have committed their own capital to the Company.
DIRECTORS LEGAL COUNSEL
Thomas I.A. Allen, Q.C.1,2 Ogilvy Renault
Partner, Ogilvy Renault
Murray J. Brasseur AUDITORS
Chairman and Director Deloitte & Touche LLP
Middlefield Bancorp Limited
George S. Dembroski1,2 BANKER
Corporate Director Bank of Nova Scotia
H. Roger Garland STOCK EXCHANGE LISTING
Corporate Director The Toronto Stock Exchange
Symbol: MBN
W. Garth Jestley HEAD OFFICE
President and Director One First Canadian Place
Middlefield Bancorp Limited 58th Floor
P.O. Box 192
Toronto, Ontario
M5X 1A6
Charles B. Young1,2 Web Site: www.middlefield.com
Chairman, Ascend Capital Management Email: invest@middlefield.com
1 Audit Committee Member
2 Corporate Governance Committee Member
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